Two First Nations acquire shares in Saskatoon welding company.Őż
The economic development corporations of English River First Nation and Peter Ballantyne Cree Nation have each acquired 30 per cent of JNE Welding. The Saskatoon fabricator manufactures enormous steel vessels for mining and oil companies. The terms of the agreement have not been disclosed, but JNE‚Äôs vice-president of finance said the company‚Äôs annual revenue is between $35 and $40 million. Together, the three corporations employ more than 1,000 people with an annual payroll of $54 million, and have an estimated combined revenue of $296 million, according to a news release. Peter Ballantyne Cree Nation Chief Peter Beatty said that the deal with JNE Welding will further diversify the First Nation‚Äôs business interests and will ‚Äúhopefully‚ÄĚ increase the First Nation‚Äôs revenue while providing jobs for its members, many of whom have taken training in welding and fabrication.